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Insurance Occupations

In: Business and Management

Submitted By hotdog01
Words 1197
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-The property and life insurance underwriter is usually considered the gatekeeper for their insurance company. They make sure that new and existing insured’s meet the insurance company's eligibility requirements. Their ability to assess risk, properly price coverage, and weed out ineligible applications is central to an insurance company's ability to thrive.
Underwriters work for insurance companies and are typically located at the company's headquarters or a regional branch office. Underwriting is typically a desk job with a standard 40-hour work week, although overtime may be required as determined by each underwriting project. Evening and weekend hours are not uncommon. The median salary for underwriters is $52,350 with the highest 10% earning more than $92,340.
The underwriter's job is one that is both meticulous and highly-specialized. Most insurance companies prefer applicant’s who have at least two or more years of related experience in the insurance field. The applicant should hold either a CPCU, CLU, or ARM certifications. Another asset to the applicant is a four-year degree in either business, insurance, or related fields. Working with computers and technology is a vital part of underwriting. Computer software systems are used to analyze and rate insurance applications, make recommendations based on risk and adjust premium rates according to this risk.
-Actuaries are statisticians who use their skills to develop pricing models for various insurance risks. While this position only represents a small percentage of insurance careers, the number of actuaries is expected to grow 24% in the next several years. The qualifications for becoming an actuary should include at least a four year in a math-related subject, two to four years of experience, and it may also be necessary to obtain a license issued by either the Society of Actuaries (SOA) or the…...

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